Futures for stocks in Canada’s largest market rose on Friday, helped by gains in oil prices in the wake of geopolitical tensions in the Middle East.
The S&P/TSX Composite lost handed back 123.64 points to close Thursday’s session at 16,488.20
The Canadian dollar dropped 0.09 cents higher to 75.89 cents U.S. early Friday
September futures improved 0.4% Friday.
CannTrust Holding said on Thursday it fired Chief Executive Officer Peter Aceto, more than two weeks after Health Canada found the marijuana producer grew cannabis in unlicensed rooms.
RBC raised the price target on Alaris Royalty to $23.00 from $22.00
CIBC cut the price target on Lundin Mining to $9 from $9.50
RBC cut price target on Teck Resources to $47.00 from $48.00
ON BAYSTREET
The TSX Venture Exchange dropped 1.42 points Thursday to 591.73
ON WALLSTREET
U.S. stock index futures moved higher on Friday as Wall Street awaited the release of key economic data while digesting strong earnings from Google-parent Alphabet.
Futures for the Dow Jones Industrials gained 82 points, or 0.3%, to 27,178.
Futures for the S&P 500 hiked 8.25 points, or 0.3%, at 3,014.75
NASDAQ futures spiked 28.75 points, or 0.4%, to 8,010.50
The earnings season continued as Alphabet reported better-than-expected earnings Thursday evening. Alphabet also announced a massive $25-billion share repurchase program. The results and buyback sent the stock up more than 8% in the pre-market Friday.
Intel also jumped 4.5% on earnings and revenue that topped analyst expectations. Client Computing, the company’s biggest division, generated $8.84 billion in sales, topping estimates of $8.13 billion.
Twitter shares gained more than 6% on the back of second-quarter results that topped estimates. The social media company also reported a 14% rise in monetizable daily active users.
More than 40% of S&P 500 companies have reported quarterly earnings for the second quarter. Of those companies, 76.5% have posted a stronger-than-forecast profit.
The U.S. Commerce Department is scheduled to release the first read on second-quarter GDP Friday morning. The broadest measure of the U.S. economy is expected by experts to come in at 1.8%.
The data release comes as investors await a potential rate cut from the Federal Reserve next week. Market expectations for a 25 basis-point rate cut were at 78.6% on Friday morning
Overseas, in Japan, the Nikkei 225 index slumped 0.5% Friday, while in the Hong Kong, the Hang Seng index slouched 0.7%,
Oil prices advanced 42 cents to $56.44 U.S. a barrel.
Gold prices leaped $5.80 to $1,432.80 U.S. an ounce.
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